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An end to bank overdraft fees?
Randy Simons
2010-02-04 18:18:24

Jason Holley keeps a record of everything he buys, literally saving a receipt for everything. What he didn't have a receipt for was the $259 his bank hit him with in overdraft fees.

"The funny thing was, my ATM receipt showed the funds were available but in all actuality they weren't, and I was hit with seven overdrafts fees at $37 dollars apiece," says Holley.

Rebeka Ives has her own story. She's pretty watchful of her money but when she did make two mistakes by overdrawing her account, she tried to rectify it. "I called the bank manager and they said as long as you make a cash deposit before 11 a.m., you will be safe," she says. "I did that but they still hit me with the overdraft charges. I didn't know this and proceeded to make purchases. Later I realize I now have 7 overdraft charges for $245."

In 2009, banks made nearly $38.5 billion in NSF fees, or non-sufficient fees.

SEFCU CEO Michael Castellana says the overdraft fees are a bank's bread-and-butter.

"Banks and all financial institutions use N.S.F. fees to really balance the books," says Castellana.  He adds the difference between a bank and a credit union is that banks have a higher profitability margin. Meaning they need to make much more money than a credit union. Although some bank executives will point out that credit unions don't have to pay taxes and that's a big difference as well.

Castellana says there's not a lot of work a bank must to do to correct an overdraft problem. "All they have to do is simply point and click a button and the fees are assessed and they hit all accounts" says Castellana.  A Trustco Bank executive argues that isn't entirely true, claiming that every overdraft charge is examined by a branch manager...................................>>>>..........................>>>>...................http://www.cbs6albany.com/news/everything-1270830-record-jason.html

this will allow for more government control.....we have chosen to use ATM/Credit/debit cards.....it really doesn't matter if what we take out/pay with is
called US dollars anymore....we could call them US buttons if they were to be used for the trade system......pay attention soon to be--

federal taxes automatically taken quarterly.,,,,of course this will be to make it easier on the sheeple
state taxes automatically taken quarterly
county taxes automatically taken quarterly
oh wait....politician #5 mr/mrs. dorko---let's have a 'fee' for the environment taken we'll call them carbon fees.....

does anyone else see where this is going?